1. Recent Developments & Issues; Segregated Accounts Companies & Rent-a-Captives

2. SAC PANEL Andy McComb President & CEO, CTC Allegro Insurance & Risk Management Ltd President, Lansdowne Insurance Company, Ltd Brad Adderley Partner, Appleby Jonathan Reiss Partner, Ernst & Young Richard Irvine Tax Partner, PricewaterhouseCoopers

3. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL

4. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL What is the prevalent presentation format for cell information in GAAP financial statements of SACs?

5. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL Should individual cells require their own audit opinion?

6. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL What will be the likely impact of the convergence of US GAAP with IFRS on SAC accounting?

7. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL Do contractual and/or statutory limitation of liability to individual cell assets affect whether the cell program can be accounted for as insurance?

8. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL What are the current 3 most significant issues experienced in the audit of SACs?

9. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL What is the status of IRS Notice 2008-19 (separate tax election for individual cells)?

10. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL Can a cell satisfy the “insurance risk” requirements of the IRS Code?

11. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL In meeting the tax “insurance risk” requirement does the SAC violate its section 56 Direction if its committed to facilitating only “fully funded” programs?

12. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL Is a preferred share investment in a cell considered an investment in a Passive Foreign Investment Company?

13. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL If a SAC structures its programs under Participating Agreements rather than Preferred Shares, and elects to be taxed as a US corporation, can it deduct “Good Experience Returns” or provision for “Good Experience Returns” as a tax expense?

14. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL Can the General Account or “Core” enter into a contract with an individual cell?

15. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL Under what circumstances can a cell transact business with another cell?

16. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL If an individual cell has multiple owners, what is the potential liability of one of the owners for funding shortfalls of other co- owners?

17. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL Have there been any legal challenges to the sanctity of closed cells?

18. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL Is Bermuda considering legislation for incorporated cell companies (ICCs)?

19. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL What main advantages would ICCs offer over SACs?

20. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL What potential liability do the directors of SACS have in the event of the liquidation of a cell?

21. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL With the expected increased regulation of the financial services industry, what is the regulatory outlook for SACs?

22. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL What are the main operational challenges arising from the credit crisis?

23. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL What is the prevalent business being facilitated by SACs this year?

24. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL What do you consider “fully funded” with respect to meeting Board underwriting guidelines and/or regulatory requirements?

25. Segregated Accounts Companies ACCOUNTING/AUDIT TAXATION LEGAL/REGULATORY OPERATIONAL Can a SAC make distributions from an individual cell ahead of receiving a release of policy liability or commutation of all reinsurance contracts?

26. Recent Developments & Issues; Segregated Accounts Companies & Rent-a-Captives